General disclosure Sales and Trading

This document has been produced by employees in Markets Sales and Trading is for information purposes and may not be reproduced for further publication unless the source is quoted. The information herein should not be construed as an offer or a commitment by Rabobank, or any of its affiliates, to enter into a transaction.  This document does not constitute investment advice and nor is any information provided intended to offer sufficient information such that is should be relied upon for the purposes of making a decision in relation to whether to acquire or dispose of any financial products or instruments.  The instruments referred to in this publication may not be suitable for all recipients. Recipients should base their investment decisions upon their own judgement and/or seek advice as they deem necessary. This document is directed exclusively to Eligible Counterparties and Professional Clients and is not intended to be directed at Retail Clients.

Unless stated otherwise, any opinion, recommendation or suggestion herein represent those of the author only and has been provided based solely on the basis of the opinion and judgement of its author. It does not rely upon any proprietary, valuation or methodology, or any other model. They reflect only the current views of the author at the date of this report and are subject to change without notice.  It does not represent a specific forecast or projection as to the future value or target price of a financial instrument and there can be no assurance that future results or events will be consistent with any opinions, forecasts or estimates.

Rabobank has no obligation to amend or update this publication or to otherwise notify a reader or recipient of this publication in the event that any opinion, projection, forecast or estimate contained herein, changes or subsequently becomes inaccurate. In the event that any future opinion or recommendation references the same financial instrument(s), such opinion will be provided solely on the basis of prevailing market conditions or circumstances at the time of publication and will not relate to, or be based on, any previous recommendation, unless stated otherwise. Where this communication involves opinions, analysis, projections or forecast about Issuers of financial instruments or Issuers themselves, these will not have been affected or influenced by the Issuer.

The author of this publication, or person making a recommendation, may benefit financially from the overall performance of Rabobank.  The compensation of the person making the recommendation, or its author, is not or will not be directly or related to any specific recommendations expressed in the communication.

The source of any information herein provided by, or obtained from, a third party, has been identified. Rabobank does not make any assertion as to its accuracy and has not been independently verified by Rabobank. The information and opinions contained in this document have been compiled or arrived at from sources believed to be reliable, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. To the extent permitted by law, neither RL, nor other legal entities in the group to which it belongs accept any liability whatsoever for any direct or consequential loss howsoever arising from any use of this document or its contents or otherwise arising in connection therewith. This may include hedging transactions carried out by RL or other legal entities in the group, and such hedging transactions may affect the value and/or liquidity of the securities described in this document. Rabobank is not required to disclose any opinions or recommendations provided as part of sales commentary, to the issuer of any financial instrument referred to herein and confirms that it has not done so. It does not represent a forecast or projection as to the specific future value or target price of a financial instrument.

Insofar as permitted by applicable laws and regulations, Rabobank or other legal entities in the group to which it belongs, their directors, officers and/or employees may have had or have a long or short position, act as a market maker or liquidity provider, and may have traded or acted as principal, in the securities or financial instruments described within this document.

Rabobank (and its affiliates) have implemented written procedures designed to identify and manage potential conflicts of interest that arise in connection with its business activities. Rabobank employees and other staff involved in issuing and disseminating investment recommendations operate independently of Rabobank Investment Banking business. Information barriers and procedures are in place between the public side employees and other employees involved in the sale or trading of financial instruments, either on behalf of clients, or for Rabobank’s own account. This is intended to ensure that any non-public price sensitive information is handled according to applicable laws and regulations.

This document is issued by Coöperatieve Rabobank U.A. incorporated in the Netherlands, trading as Rabobank (Rabobank) a cooperative with excluded liability.  The liability of its members is limited.  Rabobank is authorised by De Nederlandsche Bank (DNB) and regulated by the Netherlands Authority for the Financial Markets (AFM). Rabobank London Branch (RL) is authorised by  the Prudential Regulation Authority (PRA) and subject to limited regulation by the Financial Conduct Authority (FCA) and PRA.